Nigerian Farmers at Work

Nigerian farmers to get $1.7bn support from BoI, AfDB, IFAD: Official

Alexander Davis | ConsumerConnect

Nigerian farmers are to receive funding support totalling $1.7billion  from the Bank of Industry (BoI), African Development Bank (AfDB) and International Fund for African Development (IFAD) to support the Special Agro-Industrial Processing Zones project in the country.

The said project is aimed at raising the productivity and competitiveness of Nigeria’s agriculture sector and reducing poverty in rural areas.

Prof. Oyebanji Oyelaran-Oyeyinka, AfDB President’s Senior Special Adviser on Industrialisation, who disclosed this in an interactive session with journalists at a webinar Saturday, November 28, said $1billion would be provided by the BoI, while AfDB would release $500million, and IFAD has promised $200million respectively.

It was gathered that the SAPZ project would help the government to boost economic opportunities in the agribusiness sector by enhancing processing infrastructure and services to rural families.

Oyelaran-Oyeyinka stated that the zones were designed to concentrate agro-processing activities within areas of high agricultural potential.

The AfDB is collaborating with the Federal Ministry of Agriculture and Rural Development to implement the project in the country, he noted.

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